The crypto market bulls have strengthened in the past few days. Since the May market crash, bitcoin has managed to reach $50K, which has a positive effect on the rest of the market. Altcoins have mimicked the uptrend created by bitcoin, and they are reaching new levels. Monero is among the coins trading in the green zone.
Monero is trading at $322.75 at the time of writing after an 11.9% gain in 24 hours.
Monero Price Analysis
Monero is among the significant gainers in the past 24 hours. The privacy coin has managed to make a massive surge that has led to the creation of new monthly highs. The uptrend created by Monero could progress in the coming days, given that market support is currently strong.
If the uptrend continues, XMR will break past the next resistance of $324. This level had been tested earlier, but XMR failed to hold. Hence, the coin could retest the level again if there is continued buyer support. After this level is achieved, the next target for XMR will be $328. Going beyond $350 is possible in the short term because of the strong market bulls.
On the other hand, the uptrend could weaken or fail, and a trend reversal could be experienced. In this case, we will see XMR heading towards the lower support of $318. If there are stronger bears, XMR could break below this support and push towards $300. Such a reversal could attract buyers who were left out during the rally.
Monero, as a privacy coin, has been under regular attacks for being used in ransomware attacks. Unlike with the Bitcoin blockchain, where everyone on the chain can see transaction details, transactions on the Monero blockchain are private and hidden from prying eyes, which makes them a top choice for cybercriminals who demand ransom.
Where to Buy Monero (XMR)
If you want to buy Monero coins, you can open an account on the following platforms:
One of the most reliable and trustworthy exchange platforms is eToro. eToro is a reputable social copy trading platform that allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
You can also buy Monero coins from Binance. Binance is the largest cryptocurrency exchange platform. It supports a wide range of cryptocurrencies and trading pairs. Binance also charges low trading fees and gives access to user-friendly features.
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